"Interest rates took the elevator going up, but they'll be taking the stairs coming down," he said.
That makes paying down high-cost credit card debt a top priority since "interest rates won't fall fast enough to bail you out of a tight situation," McBride said.
"Many Americans have been holding off on making vehicle purchases in the hopes that prices and interest rates would come down, or that incentives would make a return," Caldwell said.
Student loansFederal student loan rates are also fixed, so most borrowers won't be immediately affected by a rate cut.
Eventually, borrowers with existing variable-rate private student loans may be able to refinance into a less expensive fixed-rate loan, he said.
Persons:
Spencer Platt, APRs, McBride, they'll, Jacob Channel, Jessica Caldwell, Edmunds, Caldwell, Mark Kantrowitz
Organizations:
Getty, Treasury, Auto, Fed
Locations:
New York City, Edmunds
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